FNG Exclusive… FNG has learned that FCA licensed MT4/MT5 broker Formax Prime has been acquired and rebranded as 4T Markets. The broker’s new url is 4t.co.uk, with a sister offshore entity in Seychelles operating website 4t.com.

Formax Prime was a broker established mid last decade by Chinese entrepreneur Xi Wang. Formax set up operations (with licenses) in a number of jurisdictions, including the UK, targeting mainly HNW traders, but never really got off the ground. The company was sold last year to UK based businessman Waqas Mahmood, via his holding company Regalis Trading Solutions Limited.

Under Mr. Mahmood’s ownership the company has been rebranded as 4T Markets, with the new website(s) as noted above going live in Q1-2022. 4T Markets is offering trading on MT4 and MT5, and seems to be targeting mainly an Arabic language market client base. As part of the new ownership’s plan to relaunch the business, 4T Markets has moved to a larger office and hired a full-time employee to take on the Compliance and Money Laundering Reporting Officer’s position. It has also outsourced the accounting and payroll functions to allow the Directors to focus on business development.

New agreements with top tier service providers have been signed, and the company’s IT infrastructure has been rebuilt to accommodate the trading business of the company’s clients. These renewed arrangements have resulted not only in operational efficiencies, but also in reduced costs by opting to automate certain business processes.

In addition to direct client trading, the firm has signed agreements with two brokerage companies who utilise the firm’s trading technology as White Label clients, creating a monthly revenue stream for the company.

For the 12 months ended March 31, 2022, 4T Markets brought in Revenues of £119,044, entirely from the White Label clients mentioned above. 4T Markets booked a net loss of £271,466, up from a loss of £216,860 in fiscal 2021. During the year the company’s shareholder put in an additional £75,000 of capital.